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Home Foreclosures

Pre Foreclosure Listing

by Jill Morrison

When looking to buy a home, observing a Pre Foreclosure listing could be very helpful. Pre Foreclosure is the first part of the Foreclosure process. Buying a home in this period can be beneficial to both the buyer and the homeowner.

Benefits of Using a Pre Foreclosure Listing

After observing a Pre Foreclosure listing, a buyer may approach the homeowner with an offer to buy their home. The offer and sale must take place in the Pre Foreclosure period. If the property reaches Foreclosure status, the home must be sold another way, such as at an auction.

A Pre Foreclosure sale may be desirable for both parties involved. The homeowner is given an opportunity to get rid of all Mortgage debt. It will also remove Foreclosure status from all records and improve the homeowner's credit.

The buyer will benefit from purchasing a Pre Foreclosure Listing home as well. The buyer may save a potential 20-40% from the price of the market value. The buyer is also given the opportunity to research the condition of the property. That chance is not available when the property reaches Foreclosure status.

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